Local

Real Estate Firm To Buy OC Fairgrounds

Related Tags:

COSTA MESA (AP) — California officials say a real estate management firm will buy the Orange County Fairgrounds for $100 million after a deal to sell the property to the city of Costa Mesa fell through.

The state announced Wednesday that Facilities Management West would make an initial $20 million payment for the 150-acre property and pay off the rest over 35 years.

The General Services Department previously agreed to sell the fairgrounds to Costa Mesa for $96 million as part of a deal that involved leasing the land to Facilities Management West.

But the third-party involvement triggered the need for the state legislation that was never passed.

The fairgrounds and other properties are being sold as part of a plan to address the state’s budget woes.